S&P rates Vivo notes BB+

S&P said it assigned Vivo Energy plc’s planned $350 million of senior unsecured notes due 2025 a BB+ rating.

Proceeds will be used to repay the company’s $300 million revolver due 2022 and to use the remainder for general corporate purposes.

The agency affirmed the BB+ issuer rating but changed the outlook to negative from mirroring the increased uncertainty and macroeconomic outlook for Vivo’s trading environment over the next 12 months.

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